It has been announced by India’s commerce minister, Piyush Goyal, that India’s long-anticipated trade agreement with the UK is set to reach completion by October.
In the agreement, Goyal has said that 11 of the proposed deal’s 26 chapters are now “dusted and ready” and will aim to be finished in the coming months.
Gaurav Singh, founder of the largest joint bank across the two countries, JPIN, said that the completion of the agreement could drive billions more into the UK economy, creating jobs, attracting talent to fill shortages, improving tech growth and re-instating the nation as one of the world’s leading economies.
Already, the investment relationship between Britain and India has a value of £24 billion – maintaining more than half a million jobs throughout the UK.
A tactical partnership with India has already been well established by the UK, centring on cyber security, science and education.
Recently, the largest ever commission of UK universities met with India’s main Government officials to scout for New Education Policy (NEP) collaborations.
This comes as the Government seeks to improve educational bonds with India, in hopes of filling the nation’s skills shortage.
The effect on small businesses
Singh observed what the prospective trade agreement means for international trade and small businesses in the two countries.
He said: “India is one of the world’s largest economies and presents huge potential as a key partner for trade and investment for the UK. Establishing a solid relationship with the UK in trade, technology and security could be significantly beneficial for both parties.”
There is no doubt that this trade deal will see lots more cross border partnerships, creating jobs, fuelling innovation, and positively contributing to both economies in a big way.
India’s goods and resource-wealth are growing rapidly, and the country will be the centre of world trade in the coming years.
Therefore, developing a trade and technology relationship is particularly valuable to allow the UK to benefit from the vast growth India is already experiencing.
The conversation will also consider how the deal could help with small businesses in both countries, protecting the economy, and bringing a welcome light at the end of a post-pandemic tunnel.
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